The Australian Federal Government says its planned changes to banking competition are aimed at giving consumers more power.
The changes also aim to help smaller lenders to compete with the bigger banks.
Treasurer Wayne Swan says exit fees on new home mortgages will be banned from July next year to encourage people to switch banks.
He says banks will also have to give out a one page sheet clearly setting out the cost of loans.
He described it as a small but important initiative to empower the consumer.
The Australian Competition and Consumer Commission (ACCC) will be given the power to investigate price collusion among banks.
Mr Swan has asked for a study into whether Australia could be the first country in the world to have so-called "account number portability" where if you switch banks all direct credits and debits would automatically move with you.
The ABC reports that system would cut one of the big disincentives to changing banks.
And in a bid to encourage people to use smaller lenders, up to 20 credit unions and building societies will be able to call themselves banks.
